Lt Gen Rashad Mahmood was named the new Chairman Joint Chief of Staff Committee.
Sharif held separate meetings with Chief of General Staff Lt Gen Mahmood and Inspector General Training and Evaluation Lt Gen Sharif in Islamabad before approving their promotion to the crucial posts.
"On the advice of the Prime Minister and in pursuant to clause 3 of article of constitution of Islamic Republic of Pakistan, the President and the supreme commander of the armed forces is pleased to approve the promotion and posting of the two generals, with effect from November 28," a top Pakistani official told PTI.
Lt Gen Sharif will replace 61-year-old Gen Ashfaq Parvez Kayani, who would hang his boots on Friday after being at the helm of the Army for six years.
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Gen Sharif comes from a military family and is the brother of Nishan-e-Haider medal recipient for valour, Shabbir Sharif, who was killed in the 1971 war with India.
Gen Sharif is said to be a key player in developing new doctrines for COIN/CT, where the Infantry training manual has essentially been re-written under his watch to move the largest fighting arm and backbone of the Army from the traditional India-centric role to a more diversified counterinsurgency capacity.
It comes ahead of the beginning of pullout of international forces from neighbouring war-torn Afghanistan and the negotiation between the Pakistani Taliban and the Nawaz government.
He will play a crucial in government's diplomatic parleys with India, the US, China and the Gulf states besides stabilising Balochistan.